Monday
European steel giant Arcelor looks as if it is going to be bought by the Indian Mittal family company. If the ink is allowed to dry on this deal, it will create the world's biggest steelmaker and do so at a time when metal prices have been rising strongly, as have pretty much most other commodities.
That India's economy has been on the rise is pretty much a part of the received economic wisdom these days. What is clear, though, is that country is a lot more than about lots of call centres. It is becoming a breeding ground for a whole crop of entrepreneurs able and willing to take on the biggest businesses in the established industrial world and where necessary, put a few noses out of joint in the process.
The fight by Arcelor to keep itself out of Mr. Mittal is nothing except dirty and racists. Arcelor chairman was fond of calling Mittal and Indians in generals names. Of course, his solution White Knight was a knee deep political operative. That solution eventually lead to a shareholder revolt (do you want your shares to be tied to the political fate of a Russian tycoon?).
Posted by BigFire at June 26, 2006 10:18 PM
Yes, Arcelor's CEO did make some comments that were thick with racist overtones. I remember reading a comment he made about Mittal's "monkey money". That should have been vehemently censured.
Posted by James Waterton at June 27, 2006 07:11 AM
